can I lose my severance package if I'll start working as a contractor for another company?
Hi Mel,
I have been working with my company for 11 years. on 152017 I had to sign a contract that I will work there only till 12312017 and than i will be lail off and getting my severance package. my company was sold to another company. my manager says that i can sign a contract and work for a new company as a contractor and still be getting my severance package payments. He is also saying that there is no way for my old company to find out that i will be working somewhere else/ it looks to good to be true to me. can one be getting severance payments and be employed by another company at the same time?
Answers (1)
We need to review your contract in order to help you.
It depends on the wording of your contract, who you worked for, and how the language appears in the contract. Every severance agreement is different. There are no standard ones.
Generally, severance is paid in exchange for general waivers. If the old company takes over or assumes the debts of the old company they may or may not be liable? The language of any new contract may modify or change old language you agreed to.
Do NOT rely on anyone, even human resources, to interpret your old contract and any new contract language. You should pay a lawyer to review both for you which should not cost as much as you might think. Good luck.
posted by V Jonas Urba | Nov 10, 2017 4:21 PM [EST]
It depends on the wording of your contract, who you worked for, and how the language appears in the contract. Every severance agreement is different. There are no standard ones.
Generally, severance is paid in exchange for general waivers. If the old company takes over or assumes the debts of the old company they may or may not be liable? The language of any new contract may modify or change old language you agreed to.
Do NOT rely on anyone, even human resources, to interpret your old contract and any new contract language. You should pay a lawyer to review both for you which should not cost as much as you might think. Good luck.
posted by V Jonas Urba | Nov 10, 2017 4:21 PM [EST]
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